Metir plc
Metir plc (formerly Microsaic Systems plc), AIM-listed (ticker MET), is a UK group combining miniaturised mass spectrometry (Microsaic) with water toxicity and pathogen monitoring technology (Modern Water, acquired from DeepVerge plc in 2024). The Group designs, develops and (via outsourced manufacturing) sells point-of-need/field-deployable detection instruments (Microtox LX/FX, QuickChek SRB kits, Continuous Toxicity Monitoring systems) and associated reagents/consumables, targeting water quality, PFAS ('forever chemicals') and pathogen detection markets. It operates through two wholly owned subsidiaries, Microsaic Systems Trading Limited and Modern Water (U.K.) Limited.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 6 Jul 2026 · 74 pages · Companies House
Metir, which makes portable equipment for testing water for toxins, bacteria and chemicals, grew revenue to £1.4m in 2025 from £232k the year before. It still made a loss, but a smaller one: £867k after tax, against £1.6m in 2024.
The report credits the growth mainly to deliveries of its Microtox LX water-testing instruments, rising sales of the chemicals they use, and income from a water-monitoring project in Qatar. Running costs were also cut. Late in the year demand outran what its outside manufacturer could make, so some instruments ordered in 2025 were delivered only in early 2026. Last year's figures were restated because of a change in how share rights given to fundraising advisers were recorded.
Cash at the year end was £1.1m, up from £188k, after £1.8m was raised by selling new shares. The company has no bank borrowings and proposes no dividend. Management says it enters 2026 with a stronger sales base and a growing range of products, and aims to raise output. But the report warns of significant doubt over whether the company can keep going, because it depends on raising more money, at least £0.50m if trading is weaker than planned.
Microtox LX instrument deliveries and growing reagent sales
Total revenue increased 521% to £1.44m (2024: £0.23m), driven principally by Microtox LX instrument deliveries, growing reagent sales, and recognition of income from the Qatar project
page 4Revenue growth outpacing largely fixed cost base
Gross profit of £0.56m in 2025 vs gross loss £0.13m in 2024, as a result of the considerable increase in revenue; total operating expenses reduced to £1.43m (2024: £1.59m) through cost control
page 11The Board began 2026 with confidence of developing multi and diverse revenue streams; the Group entered 2026 with a substantially improved revenue base, a diversified and growing product portfolio, a strengthened balance sheet, and a clear pipeline of commercial and technology development opportunities.
page 7The Group is loss-making with retained losses to be recovered before it can pay a dividend; Directors do not recommend payment of a dividend (2024: £nil)
page 1311 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
7 figures restated in a later report
Every figure is read again from the following year’s report: 332 confirmed, 10 differ, 7 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | £207kFY2024 report | −£25kFY2025 report | |
| FY2024 | −£1.8mFY2024 report | −£1.6mFY2025 report | |
| FY2024 | −£1.9mFY2024 report | −£1.7mFY2025 report | |
| FY2024 | £1.2mFY2024 report | £981kFY2025 report | |
| FY2024 | £184kFY2024 report | £416kFY2025 report | |
| FY2024 | £1.2mFY2024 report | £983kFY2025 report |
1 more figure was restated in FY2015 to FY2022, which a free account opens.